Mullen to begin factory construction in California

Mullen to begin factory construction in California

Another electric vehicle maker uses reverse merger to fund startup operations.

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Brea, California – Mullen Technologies Inc. will begin build-out of its pilot manufacturing facility and start taking pre-orders of its MX-05 fully electric SUV on Oct. 1, 2020.

Funds for the plant construction come from going public. Like Lordstown Motors, Canoo, Nikola, and Fisker, Mullen used a reverse merger to trade its shares publicly. In such deals, startups merge with so-called blank-check companies, publicly traded investment companies that go public strictly to look for promising startups to buy. Mullen’s reverse merger was with Net Element Inc.

Mullen Technologies plans to begin transforming its high voltage battery R&D center in Monrovia, California, into a state-of-the-art pilot facility for its line of EV SUVs on Oct. 1, 2020. The construction is slated for completion by April 2021 with the first MX-05 SUVs expected to be delivered to customers by the second quarter of 2022.

Mullen will begin taking pre-orders for the MX-05 model, at a base starting price of $55,000, on Oct. 1, 2020. Pre-orders continue as well for the company’s Dragonfly K50, a limited production super sports car being imported under Independent Commercial Importers.

The pilot facility will be used to assemble up to 1,000 MX-05s per year and subsequently for all other upcoming models such as the MX-07 and MX-03. The operation consists of general assembly, battery assembly, R&D facility, and warehouse. Mullen expects to add up to 100 new employees to its manufacturing and logistics team in Monrovia, California.

"We are excited to begin the build-out of our pilot facility and pre-sales of our MX-05 SUV in October. We plan on completing the build-out by April 2021 and to begin assembly of certification prototypes by July 2021. These vehicles will be used for homologation which is expected to take 16 months and be completed by May of 2022, at which time we expect to begin delivering the first vehicles to the public," commented David Michery, chairman and CEO of Mullen Technologies Inc.